New England energy conglomerate Northeast Utilities is issuing $750 million in senior notes, using 74 percent of the proceeds to pay off notes coming due this year and the balance to pay down short-term debt, according to a regulatory filing.
NU, the parent company of Berlin-based Connecticut Light & Power and Yankee Gas, is offering $300 million in notes due in 2018 and $450 million in notes due in 2023, the company said in a filing to the U.S. Securities & Exchange Commission.
The company expects to bank $742.8 million from the sale of the notes. The company plans on using the money to repay $550 million in notes maturing this year and using the balance to pay down its existing short-term debt of $1.05 million.
The Bank of New York Mellon will act as the sole trustee on the offering.
